FundColony charges Borrowers an upfront origination fee for every loan disbursed. This origination fee covers the underwriting and processing cost for your request. The origination is deducted from the loan proceeds to be credited to your designated back account. This implies a borrower will not receive the entire amount approved because of this deduction. This amount will be stated in the loan contract. We advise borrowers not to accept these contracts if they do not accept this fee or any other term.
You can get a loan for just about anything with FundColony, if it’s a legal purpose.
You can apply for a loan under your personal name for business purposes.
FundColony loans are available for a term of between one month and six months. Kindly check in future for change to our terms and condition.
Once your application has been approved and your details are verified, your loan will go live on the FundColony marketplace for funding. Your loan will be settled as soon as it is fully funded but may be on the marketplace for a maximum of 7 days.
If your loan is not fully funded within 7 days, your loan listing will be removed from the marketplace. We will then contact you with your options, which may include taking the funded amount, withdrawing your listing completely, or relisting the loan for the same or a lesser amount.
Yes, you can make early repayments, or even pay off the entirety of your loan early without charge. Interest is accrued on your loan daily, based on the outstanding balance; therefore, paying your loan in advance means you will incur less interest.
If you wish to pay off your loan early, you can do so by going into your dashboard and requesting a prepayment quote. We’ll send you a quote via email, and if you accept that quote you can then make a manual payment into our bank account.
Best thing to do is call FundColony on 090 6000 9491 or mail us on hello@fundcolony.com. Everyone’s circumstances are unique, so we may be able to help. If you have an unforeseen financial hardship such as the loss of a loved one or loss of job that results to a missed payment kindly contact us immediately.
You can contact FundColony in this first instance on 090 6000 9491 or via email on hello@fundcolony.com for assistance, if you miss a payment.
We follow an industry defined process, to contact you if a repayment dishonours via SMS, email, and telephone to assist you to get back on track with your repayments. We send you a courtesy reminder 5 days prior to a repayment being due. If you use direct debit to pay your loan, your payment will automatically be made on the due date. But for those who don’t use direct debit, these reminders help to ensure repayments are made on time.
You can contact FundColony in this first instance on 090 6000 9491or via email on hello@fundcolony.com
No. The Rate is fixed for the term of the loan.
If you wish to change the make re-payment frequency, such as moving your repayment schedule from monthly to weekly repayments, you can contact FundColony in this first instance on 090 6000 9491or via email on hello@fundcolony.com
In order to finalise our credit assessment and verify your income and expenses, we need to review your recent transaction history. To process your application quickly we obtain your transaction history from your bank statement. We encourage our borrowers to always upload a PDF of your most recent six months of bank statements as it makes the manual review by our team faster.
We choose to use Credit Sense (a trusted and highly secure financial data company based in Australia) to make the application process as quick and painless as possible for you. Instead of our team manually reviewing the details of your transaction history (which can delay your
We understand that life can throw a few curve balls from time to time, so if you find yourself unable to reasonably keep up your loan repayments, we call this an Unforeseen Hardship. If you have been affected by an Unforeseen Hardship, you can request that we vary the terms of your loan contract.
What is considered a reason for hardship?
You may be able to apply to the creditor for a hardship variation if you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, or other reasonable cause.
To apply for a hardship variation, you need to:
- make an application in writing; and
- explain your reason(s) for the application; and
- request one of the following:
- an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
- postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
- both above
If you are experiencing unforeseen hardship, make your application as soon as possible. If you leave it for too long, the creditor may consider enforcement action.
Yes. You can withdraw your loan from the marketplace at any time prior to it being disbursed to your designated account by logging into the platform. If you withdraw your loan before it is disbursed, you will not be charged any fees. But if you decide to cancel the loan once it has being disbursed, you will have to return the funds received by you from us alongside interest due for the first 30 days whether the 30days period have elapsed or not.
No. Lenders will only have access to demographic information about you and a summary of your credit history. Only FundColony and its associated service providers will have access to personally identifiable details about you.
Yes, you can, but we advise against it. If you do wish to be a Borrower and Lender, please note that you may only have one FundColony account per email address and will not be able to use the same address for both accounts. Also, note that borrowing and lending contracts are exclusive independent of one another however we reserve the right to set-off any outstanding loan balance against existing loan balance.
Yes, you can make one off repayments at any time by manually transferring funds directly into the FundColony bank account or via your bank card.
Your loan amount is calculated by:
Loan Amount + Total interest + Fee (if you origination fee was capitalized with the loan amount or late payment fees accrued arising from missed payments).
No, FundColony is not a bank or a finance company. We’re different in a few distinct ways. FundColony is a financial marketplace, providing an intermediary service in respect of the peer to peer lending process. It provides a platform to facilitate the lending and borrowing process, collections and administration of customer accounts.
FundColony is also a lender on the marketplace, along with Retail and Wholesale Investors, and earns interest on the loans it writes, origination fees and loan management fees.
FundColony is also a branchless operation. Our entire platform is online, cloud-based and automated, which means the platform is available for 24/7.
FundColony’s online loan application process is quick and easy. We’ll ask you to provide a valid identity and some personal information including work/business information, then go through an identity verification process designed to protect you from identity theft and ask you to provide some bank statements so we can accurately assess the affordability of your loan. As soon as your details are verified, your loan will go live on the FundColony Marketplace for funding.